Singapore-based developer CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (“Ascott”), is investing USD26 million for a 70% stake in Green Oak Hotel Management (“GOHM”), the holding company for Indonesia-based hotel operator, TAUZIA Hotel Management (“TAUZIA”). This is Ascott’s first major move into the lodging segment beyond its core serviced residence business and apartments for corporate lease as it seeks to capitalize on the rapidly expanding middle-class business hotel segment. The consideration for the acquisition comprises of USD12.95 million paid on 17 September 2018 and the remainder payable over a five-year period commencing from 1 January 2018, up to an aggregate amount of USD12.95 million. TAUZIA is one of Indonesia's top five hotel operators with close to 60% of its portfolio located in key cities of Indonesia, such as Jakarta, Bali, Bandung, Surabaya and Yogyakarta. Approximately 70% of TAUZIA’s hotels cater to business and convention travellers, while 30% target leisure travellers. With this investment, Ascott’s portfolio will increase by 20,000 units spanning 122 hotels in Indonesia, Malaysia and Vietnam, half of which are under development. This puts Ascott’s portfolio at more than 94,000 units globally, surpassing its 2020 target of 80,000 units. Ascott currently owns 17 serviced residences and more than 3,000 units in Indonesia.

Australia-based investment group iProsperity Group Pty Ltd (“iPG”) sold the Sydney Park Regis Hotel for AUD54.18 million to Sydney-based Yeh’s Group (“Yeh’s Group”). The sale price represents a 23 per cent capital gain in less than two years, having purchased the 122-key hotel from Australia-based hotel operator, Staywell Hospitality Group (“Staywell”) for approximately AUD46 million in 2016. Located in the central business district, the property comprises ten floors of a 45-level mixed-use tower overlooking Hyde Park. The deal is expected to close on October 31, 2018 and the hotel will remain under a management agreement running until 2021 with Staywell. Yeh’s Group, led by Sydney-based hotel developer Johnson Yeh, has four other hotels under development, set to open in Sydney’s CBD in the next five years. The sale positions iPG to continue its growth trajectory towards a portfolio value of AUD10 billion by 2020. iPG controls about AUD1.8 billion of real estate in Australia and has recently acquired the 419-key Pullman On The Park Hotel in Melbourne for an undisclosed sum.

Qatar Airways Company (“Qatar Airways”) will launch a direct flight between Doha and Da Nang on 19 December 2018. With current flights to Ho Chi Minh City since 2007 and Hanoi since 2010, Da Nang will become the third Vietnamese destination on the airline's global network. This four-time weekly flight will be served with a Boeing 787-8 aircraft, with a total capacity of 254 seats. The new addition is expected to boost tourism in Da Nang where the number of visitors already reached 6.6 million tourists in 2017, twice times more that in 2013. Currently, Da Nang Airport is served by 24 international airlines, operating 15 frequent direct flights to and from international destinations.